Shanghai: Ningbo Marine’s protracted takeover by local utility firm Zhejiang Provincial Energy has finally gone through, taking three months longer than initially planned.
Ningbo Marine is engaged in ocean bulk cargo transport, primarily coal, and has struggled in the current market turning in losses so far this year.
Zhejiang Provincial Energy Company was set up in 2001 and provides electric power construction services to government-owned power enterprises in Zhejiang province.
Zhejiang Provincial Energy confirmed yesterday that it has bought a controlling 51% stake in Ningbo Marine for RMB2.03bn. [25/10/12]